NMC Health founder BR Shetty pledges 7m shares against debt - Arabianbusiness

NMC Health founder BR Shetty pledges 7m shares against debt - Arabianbusiness:

NMC Health founder BR Shetty has pledged 7 million of the company’s shares as security for debt, according to a statement released by his holding company on Monday.

In a filing to the London Stock Exchange, BRS International said that the Indian billionaire currently has a 9.81 percent interest in the UAE healthcare group. 


It said Shetty had pledged the shares to Goldman Sachs as part of a funded equity collar transaction, a complex structure used to help to build a stake in a company. 


Shetty resigned as NMC’s co-chairman last week following a slump in its share price on doubts about the shareholdings of its major investors.

The stock has lost 68 percent since a Muddy Waters report on December 17 and is the worst performer this year in the UK’s benchmark FTSE 100 Index. It jumped on February 10 after the company said it received preliminary takeover approaches.